National Bank Act (NBA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Section 1 Structure of the Joint-Stock Company
Art. 25 Share capital, shares
1 The share capital of the National Bank amounts to 25 million Swiss francs. It is divided into 100,000 registered shares with a nominal value of 250 Swiss francs each. The shares are fully paid up. 2 In lieu of individual shares the National Bank may issue certificates covering several shares. In addition, it may dispense with the printing and the delivery of share certificates. The Bank Council shall regulate the details.
Art. 26 Share register, limitation of transferability
1 The National Bank shall recognise as shareholders only persons who are listed in the share register. The Bank Council shall regulate the details of the registration. 2 A shareholder’s registration is limited to a maximum of 100 shares. This limitation shall not apply to Swiss public-law corporations and institutions or to cantonal banks pursuant to Article 3a of the Federal Act of 8 November 1934 on Banks and Savings Banks. 3 Registration shall be refused if the transferee, contrary to a request by the National Bank, does not explicitly declare that he or she has purchased and is holding the shares in his or her own name and for his or her own account.
Para. 2 — SR 952.0
Art. 27 Listing rules
If the shares of the National Bank are listed on a Swiss stock exchange, the competent bodies shall take account of the special nature of the National Bank when applying the listing rules, in particular the provisions on the content and the frequency of financial reporting and those on ad hoc publicity.
Art. 27 — Amended by Annex No 8 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).
Art. 28 Notifications
The invitation to the General Meeting of Shareholders and notifications to shareholders shall be communicated by letter to the addresses listed in the share register and by a one-off publication in the Swiss Official Gazette of Commerce.
Section 2 Determination and Distribution of Profit
Art. 29 Annual accounts
The annual accounts of the National Bank, consisting of the income statement, the balance sheet and the notes to the accounts, shall generally be drawn up in accordance with the provisions of title thirty-two of the CO on commercial accounting and financial reporting. Derogations may be made from the provisions of the CO to the extent required by the special nature of the National Bank. In particular, the National Bank does not have to prepare a cash flow statement.
Art. 29 — Amended by Annex No 8 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483). SR 220
Art. 30 Determination of profits
1 The National Bank shall set up provisions permitting it to maintain the currency reserves at a level necessary for monetary policy. In so doing, it shall take into account the development of the Swiss economy. 2 The remaining earnings are deemed to be distributable profit.
Art. 31 Distribution of profits
1 A dividend not exceeding six percent of the share capital shall be paid from the net profit. 2 One-third of any net profit remaining after the distribution of a dividend shall accrue to the Confederation and two-thirds to the cantons. The Department and the National Bank shall, for a specified period of time, agree on the amount of the annual profit distribution with the aim of smoothing these distributions in the medium term. The cantons shall be informed in advance. 3 The net profit accruing to the cantons shall be distributed in proportion to their resident population. The Federal Council shall regulate the details after having consulted the cantons.
Para. 3 — Amended by No II 33 of the Federal Act of 6 Oct. 2006 on the New System of Financial Equalisation and Division of Tasks between the Confederation and the Cantons (NFE), in force since 1 Jan. 2008 (AS 2007 5779 5817; BBl 2005 6029).
Art. 32 Liquidation
1 The Swiss National Bank as a joint-stock company may be liquidated by means of a federal act. This act shall also regulate the liquidation procedure. 2 In the event of the liquidation of the National Bank, the shareholders shall receive in cash the nominal value of their shares as well as reasonable interest for the period of time since the decision to liquidate the National Bank became effective. The shareholders shall not have any additional rights to the assets of the National Bank. Any remaining assets shall become the property of the new central bank.